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Altra Holdings Inc Announces Agreement to Acquire Svendborg Brakes

Wednesday, 6 Nov 2013 11:08pm EST 

Altra Holdings Inc announced that it has signed a definitive agreement to acquire the shares of Svendborg Brakes A/S and S.B. Patent Holding ApS (together Svendborg) for a cash consideration of EUR80.1 million, less the cash remaining on the balance sheet at close, which is payable upon completion of the acquisition. Altra intends to finance the transaction through a combination of European cash and additional borrowings under its credit agreement. The finalization of the transaction is subject to customary closing conditions, including receipt of required regulatory approvals, and is expected to take place during the fourth quarter of 2013. The acquisition is anticipated to be accretive to Altra Holdings' earnings in 2014 in the range of $0.10 to $0.15 per diluted share, excluding any one-time or acquisition-related costs. Svendborg has a long history of designing and manufacturing hydraulic braking systems. The company is the global manufacturer of caliper brakes, offering engineered solutions to demanding applications in the mining and energy markets.